Bank of India has declared Reliance Communications, its subsidiary Reliance Telecom, and Anil Ambani’s loan accounts fraudulent, totaling ₹725 crore. The bank alleges the funds, intended for spectrum purchase, were instead invested in mutual funds and fixed deposits. Anil Ambani denies the allegations, claiming the bank violated natural justice principles and RBI regulations.
Bank of India has declared Reliance Communications, its subsidiary Reliance Telecom, and Anil Ambani’s loan accounts fraudulent, totaling ₹725 crore. The bank alleges the funds, intended for spectrum purchase, were instead invested in mutual funds and fixed deposits. Anil Ambani denies the allegations, claiming the bank violated natural justice principles and RBI regulations.
